Makarony Polskie SA said its second-quarter normalized net income came to 9 groszy per share, an increase of 49.7% from 6 groszy per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 845,630 zlotys, a gain of 49.7% from 565,000 zlotys in the prior-year period.

The normalized profit margin climbed to 3.1% from 1.7% in the year-earlier period.

Total revenue declined 16.9% on an annual basis to 27.4 million zlotys from 33.0 million zlotys, and total operating expenses fell 18.5% on an annual basis to 25.7 million zlotys from 31.6 million zlotys.

Reported net income decreased 17.1% from the prior-year period to 953,000 zlotys, or 10 groszy per share, from 1.1 million zlotys, or 12 groszy per share.

As of Aug. 26, US$1 was equivalent to 3.83 zlotys.